Financial Services Industry
Industry: Email Alert RSS FeedChicago's Brave New World.(Chicago Stock Exchange Inc.)
Traders, May, 2006 by Chapman, Peter
Specialists are out. Market makers are in. The Chicago Stock Exchange, as part of its plan to reinvent itself as an ECN-like utility, is casting aside its decades-old specialist model. Instead it will operate more like Nasdaq with market makers competing against each others in the same stocks. The core of the revitalized exchange-which soon is expected to announce investments from large broker dealers, possibly including Goldman Sachs-is a matching engine.
NASD market makers will be invited to post quotes and orders onto the system, but others, notably black box traders, are also being aggressively courted.
The CHX hopes to encourage the sharp-shooters by a combination of fast fills and its traditional pool of retail and institutional liquidity...
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